Wednesday, June 24, 2009

Retirement Fears: An Unintended Distribution

When have you ever received a check you didn't want?

That was the exact situation "Issac" faced when he received his RMD check - money he didn’t want so he could take advantage of the new provisions temporarily suspending RMDs for 2009. The temporary suspension would allow him to leave more money in his account this year, giving him a better opportunity to recoup some of last year’s losses.

Issac received the check and immediately got on the phone with a customer service representative at the IRA custodian (the institution that holds and keeps track of his IRA money). He wanted to send back the money, or simply, undo the process of receiving an RMD check he didn’t want.

What happened? CLICK HERE to read the rest of this Retirement Fears column and find out the steps both advisors and consumers can take when a situation like this arises.